A group of technical analysts has convinced themselves that the price of bitcoin (BTC) strongly correlates with M2 money, yet their compelling charts decorrelate on even the simplest zoom modification.

Of course, the narrative of BTC — set in stone since Satoshi Nakamoto’s genesis block inscription about bank bailouts — is that BTC should displace fiat.

Motivated to find data supporting this narrative, technicians discovered M2, overlaid it atop BTC, and published screenshots to social media.

Technical analysts chart prices and trading volumes in an attempt to find predictive signals. According to some investors, the global stock of money, as measured by a 100-day offset M2, is a strong signal for the price of BTC.

This particular comparison has become popular on X.

However, Protos has illustrated how these data inputs can be decoupled simply by editing the zoom setting from 2021 to present (left) to 2019 to present (right).

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